Content sourced from and aligned with AUSTRAC guidance and regulatory requirements.
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iCDD
Initial Customer Due Diligence
KYC · KYB · Beneficial Ownership · PEP Screening
eCDD
Enhanced Customer Due Diligence
Source of Funds · EDD Measures · Senior Approval
OGM
Ongoing Monitoring & Data Security
Continuous Screening · Audit Trail · Encrypted PII
Why AML/CTF Compliance Demands More Than Spreadsheets
Australia's anti-money laundering and counter-terrorism financing landscape is shifting. AUSTRAC requirements for customer identification, beneficial owners verification, and ML/TF risk management are now mandatory.
80K+
New reporting entities from July 2026
$22M+
Maximum penalty per contravention
7 Years
Record retention requirement
24/7
Ongoing monitoring required
New Regulatory Framework
- AML/CTF Amendment Act 2024 — Sweeping changes to customer identification & risk assessment
- AML/CTF Rules 2025 — Updated CDD, transaction monitoring & reporting requirements
- Tranche 2 (July 2026) — Lawyers, accountants, real estate agents now regulated
Customer Due Diligence Steps
- 1 Identify & verify customers (KYC/KYB)
- 2 Determine beneficial ownership structures
- 3 Screen for PEPs & sanctions
- 4 Assess ML/TF risk levels
- 5 Continuously monitor throughout relationship
The Risk of Spreadsheets, Word Documents & Filing Cabinets
Manual compliance processes — spreadsheets, Word documents stored on local drives, paper records in filing cabinets — are no longer adequate for the obligations imposed by the AML/CTF Amendment Act 2024. These approaches introduce significant operational and regulatory risk:
PII exposure risk — client identification documents stored insecurely on local devices or shared drives
Cyber security vulnerability — no encryption, no access controls, no audit trail for sensitive compliance data
No version control — inability to demonstrate a complete, tamper-evident record to AUSTRAC auditors
Regulatory non-compliance — manual processes cannot reliably meet ongoing monitoring, PEP screening, or 7-year record retention obligations
A purpose-built SaaS compliance platform eliminates these risks by providing encrypted storage, role-based access controls, automated screening, and a verifiable audit trail — without the overhead of building and maintaining in-house infrastructure. AUSTRAC penalties can reach $22.2 million per contravention.
AML/CTF Obligations Now Extend to Gatekeeper Professions
Under Australia's AML/CTF framework, some professions are known as "gatekeepers " because they can unknowingly help move or hide illicit money. Lawyers, accountants, real estate agents, and trust and company service providers all play a role in how people access the financial system. In that sense, they are the gate.
iDeedworks provides the structure and parts that supports the gate; the hinges, the locks, and the frame and expertise. We equip the gatekeeping professionals with the compliance tools, the verification process results and the secure record-keeping systems they need to fulfil their AUSTRAC obligations and protect the integrity of Australia's financial system and citizens alike.
Residential, commercial & leasing
Real Estate
Agents | Property managers | Trust accounts | High-value purchases
Explore compliance steps
Property & financial matters
Lawyers & Conveyancers
Conveyancing | Settlement agents | Trust monies | Complex structures
Explore compliance steps
Client funds & entity formation
Accountants & Auditors
Advisory services | Company/trust setup
Explore compliance steps
Lenders, Gaming & Gambling & Other AUSTRAC Reporting Entities
Other Reporting Entities
Non-bank lenders | Gambling services | Financial service providers
Explore compliance steps
High-value transactions
Gem & Precious Metals
Bullion dealers | Jewellers | Second-hand precious goods | Cash-intensive trade
Explore compliance steps
Gatekeepers hold the line against financial crime. Criminals target these professions precisely because they facilitate access to the financial system — through property transactions, corporate structures, trust arrangements, and financial advice. Under the AML/CTF Amendment Act 2024, if you provide designated services with a geographical connection to Australia, you must enrol with AUSTRAC, develop an AML/CTF program, appoint a compliance officer, and conduct customer due diligence on every client. iDeedworks ensures you have the systems to meet these obligations.
Prepare Your Practice for Tranche 2 Compliance
Subscribe to our AUSTRAC-aligned compliance platform, or speak with our team to discuss your specific obligations and readiness requirements.
Complete AML/CTF Compliance Platform Built for Australian Businesses
ARCaml
Customer Due Diligence Platform
ARCaml handles the heavy lifting of customer due diligence so you can focus on serving your clients. Through a structured CDD Outsourcing Agreement, we manage the verification processes that AUSTRAC expects while you retain oversight and control.
iCDD — Initial Customer Due Diligence
- Customer identification and verification (KYC)
- Business verification (KYB) - ABN/ACN, structure
- Beneficial owner identification
- PEP and sanctions screening
- ML/TF risk assessment
eCDD — Enhanced Customer Due Diligence
- Additional verification for higher-risk customers
- Source of funds and wealth verification
- Senior management approval workflows
- Enhanced monitoring for PEPs
OGM — Ongoing Monitoring & Data Security
- Continuous customer monitoring
- Automated sanctions & adverse media alerts
- AUSTRAC-compliant record retention
- Complete audit trail for every decision
AUSTRAC-Aligned Compliance Built for Australian Businesses
iDeedworks was purpose-built for Australian AML/CTF obligations, aligned with AUSTRAC's regulatory guidance and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Built for the Australian regime — not adapted from US or UK frameworks, but designed ground-up for AUSTRAC requirements
Australian data sovereignty — customer data stays in Australia on AWS infrastructure
Ongoing regulatory updates — as AUSTRAC releases new guidance and rule changes, ARCaml evolves to match
Tranche 2 ready — specifically supporting accountants, lawyers, and real estate professionals entering the regime in July 2026
Trusted verification partners — integrated with AUSTRAC-compliant identity verification providers
CDD outsourcing model — reduce your compliance workload while maintaining accountability through our structured agreement
Compliance Hub
AML/CTF Compliance Resources
Everything you need to know about Tranche 2 reforms and AUSTRAC compliance for Australian businesses
🎓
Getting Started
Essential compliance fundamentals
👥
Industry Guides
Sector-specific compliance guidance
🔍
Key Compliance Topics
Deep dives into AML/CTF requirements
📖
Definitions & Glossary
Key terms explained
Common Questions About AML/CTF Compliance & Customer Due Diligence
Everything you need to know about AUSTRAC obligations, politically exposed persons (PEP) screening, beneficial owner identification, source of funds verification, and your AML CTF program requirements.
What is Customer Due Diligence (CDD)?
Customer due diligence is the process of understanding who your customers are before providing them with designated services and throughout your business relationship. CDD involves collecting and verifying customer identification, identifying beneficial owners, screening for politically exposed persons and sanctions, assessing money laundering and terrorism financing risks, and maintaining appropriate records. Under Australian law, you must complete initial CDD before providing a designated service and conduct ongoing CDD throughout the relationship.
What is Enhanced Due Diligence (EDD) and when is it required?
Enhanced due diligence means taking additional verification steps for higher-risk customers. You must apply EDD when dealing with politically exposed persons, customers from high-risk jurisdictions, complex ownership structures, or when you've identified unusual transactions that may require a suspicious matter report. EDD measures include verifying source of funds, obtaining senior management approval, and increasing monitoring frequency.
What is a Politically Exposed Person (PEP)?
A politically exposed person holds or has held a prominent public function, whether domestically or internationally. This includes heads of state, senior politicians, judicial figures, military leaders, and executives of state-owned enterprises. PEP status extends to their family members and close associates. Because of their position and influence, PEPs present elevated bribery and corruption risks that require enhanced due diligence measures throughout the business relationship.
When do the Tranche 2 AML/CTF reforms take effect?
Tranche 2 AML/CTF obligations commence on 1 July 2026 for newly regulated professions including accountants, lawyers, conveyancers, real estate agents, and dealers in precious metals and stones. Enrolment with AUSTRAC opens from 31 March 2026, and newly regulated entities must enrol by 29 July 2026. AUSTRAC expects businesses to begin preparation well before the commencement date.
What are the penalties for AML/CTF non-compliance?
AUSTRAC can impose civil penalties up to $22.2 million per contravention for corporations and substantial penalties for individuals. Criminal penalties including imprisonment apply for serious breaches. Beyond financial penalties, non-compliance can result in reputational damage, loss of professional licences, and exclusion from the financial system. The recent Westpac enforcement action demonstrated AUSTRAC's willingness to pursue significant penalties.
What records must I keep for AML/CTF compliance?
Reporting entities must keep records demonstrating how they established customer identity, assessed ML/TF risk, conducted ongoing monitoring, and made decisions throughout the CDD process. Records must be retained for seven years after the business relationship ends and must be readily accessible if requested by AUSTRAC. This includes identity documents, verification results, risk assessments, and any enhanced due diligence measures applied.
Ready to Simplify Your AML/CTF Compliance & Customer Due Diligence?
Whether you're an existing reporting entity adapting to the new AML/CTF Rules or a gatekeeper profession preparing for Tranche 2 in July 2026, iDeedworks has the tools to make compliance manageable.
Activate Your Regulatory Capability and let us handle your customer due diligence, or contact our team to discuss your specific compliance requirements.
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